The major area that is taking a direct hit over renewed Greek default concerns French banks, primarily Societe Generale, BNP Paribas and Credit Agricole, which were down more than 10% over concerns of credit rating agencies and Greek debt. "Europe is not just lurching from one crisis to another. It is lurching into a new one before the previous one is solved," said Makoto Noji, Senior Strategist at SMBC Nikko Securities.

Germany could, quite possibly, be prepared to give up on Greece entirely. The concern surrounds smaller countries’ ability to repay debt. The planning has already begun for the probability of a Greek default within Chancellor Merkel’s cabinet. “It feels like Germany is preparing itself for a debt default,” Jacques Cailloux, Chief European Economist at Royal Bank of Scotland Group Plc in London, said in an interview. “Fatigue is setting in. Germany could be a first mover or other countries could be preparing, too.”

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